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Forex News: Canadian Dollar Trades Lower Against Most Majors

Canadian Dollar Trades Lower Against Most Majors

02/21/2024 - 10:16:00 (RTTNews)

(RTTNews) - The Canadian dollar traded lower against its most major counterparts in the European session on Wednesday amid falling oil prices, as investors weighed signs of tighter supplies against a still-shaky demand outlook.

Investors also awaited key PMI data and U.S. inventory reports for hints on the outlook for demand.

Middle East tensions persist, helping limit the downfall in oil prices.

Supply concerns lingered, with Houthi rebels saying ships in the Red Sea and Arabian Sea are their latest maritime targets.

The minutes from the Federal Reserve's latest policy meeting are due later today, which could offer more clarity regarding the possible timing of the first rate cut.

Strong economic data released last week pushed back expectations for immediate rate cuts from the Fed.

Traders are also on edge ahead of the release of fourth quarter results from Nvidia after the close of today's trading.

The loonie eased to 1.4624 against the euro and 110.85 against the yen, off its early highs of 1.4598 and 111.09, respectively. The loonie is seen finding support around 1.48 against the euro and 108.00 against the yen.

The loonie touched 1.3536 against the greenback, setting a 6-day low. The loonie is poised to challenge support around the 1.38 level.

In contrast, the loonie recovered against the aussie and was trading at 0.8860. If the currency rises further, it is likely to test resistance around the 0.86 region.

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FOREX NEWS

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